How much is my house worth is an important question.
Prior to putting one’s property on the market. Buyers determine market value, not the seller. You must have a ready, willing and able buyer ready to bring an offer. The offer is usually equal to or less than, similar properties in the area. Those properties must be similar size, area & square footage at a minimum. A home is worth exactly what buyers in an open competitive market are willing to pay for.
There are some things to consider when putting your property on the market. Improvements for example. Some sellers go above and beyond when it comes to making improvements. Improvements will only add certain value to the property. Improvements may make the property more appealing and add value to the property. It does not mean that you may get every penny back.
The most popular way and one that requires no fee, prior to putting your property on the market is to contact 3 local realtors. Ask each Realtor to provide you with a list of properties, similar to the property you are selling, that have been sold in the past 6 months. Remember, realtors want to earn your business. Those properties must be in the same area, size and square footage. If they do not, you may hire and independent appraiser to conduct an appraisal and give you a formal appraisal report. Since, most appraisers list 3 comparables in their report, you may request all of the comparable properties sold in a separate email.
Revealing sold properties that have the same characteristics as the subject property is public information. This approach is a rule of thumb when deciding to put your property on the market. All recently sold properties must be within a 6 month time frame, otherwise it cannot be used as a comparable. Once you have seen a list of those sold properties, you and your Realtor may come up with a reasonable asking price. Remember, buyers expect some room to negotiate, so the asking price should be within a reasonable reach.